How Joining a Union can Help you Save

Saving money is an extremely important thing to do – and yet it is one of the most challenging, especially when finances seem tight. You don’t have to despair, though, as you could help boost your savings account simply by using your employment union.

Financial advice

One of the great advantages of joining a union is that they are there to help you with regards to your work. Their job is to protect you against any difficulties you might have with your employer – including your finances.

In addition to giving you – often much-needed – support with the company you work for, they also help to promote other forms of assistance and guidance. This includes financial advice.

Taking care of your money can seem incredibly complicated and most of us find it a challenge keeping on top of things from time to time. So by being able to access monetary assistance, this will help you sort out your accounts. You could find you’d be better off investing your savings in stocks and shares or putting it in property, or you may get suggestions on how to boost the amount of money you save every month.

Negotiate better pay

Unions have a reputation for encouraging demonstrations and fighting the corner for their members – and all this is part of what they do. Other things they get involved in that often attract less attention in the press include negotiating better pay and conditions for employees.

They can set up talks with bosses if you feel you’re not getting paid what you deserve, and this may put pressure on them to boost your salary. If conditions are particularly bad, discussing things isn’t making a difference and there are a lot of employees who think the same, this is when things might turn a little more serious and strikes and demonstrations go ahead, with the aim that this will improve workers’ incomes – and, subsequently, their savings.

Pension

Workers who sign up to unions like members of Prospect will also be able to receive guidance on how to make sure their bosses are honouring their pension commitments.

Companies are obliged to contribute to a pension scheme if you sign up to a workplace retirement initiative with the firm. So it is important you make sure they are sticking to their side of the bargain. If they’re not, this is when unions can step in – and save the day!

Joining a pension scheme is one of the best ways to save for the future, as it will encourage you to put aside something for your retirement every month, which can make a huge significance when you finally come to finishing work. What’s more, having your company contribute something every month – this will vary depending on your employer – will certainly be significant to the savings pot in the long term.

Before you sign up to any pension scheme though, it is important to read the fine print! You should make sure the amount your company will contribute is appropriate and ensure the conditions in claiming the money you’ve put away are agreeable to you.

If they are not, your union can help you once more. By helping to protect the finances you gain while working, you will be able to improve your savings, putting aside more in your nest egg than you would otherwise be able to, which could make a huge difference in the future.